First compensation letters sent to SME clients

A number of SME clients with interest rate derivatives who are being handled by ABN AMRO’s Financial Restructuring & Recovery team (FR&R clients) and who are eligible for compensation under the Uniform Recovery Framework will receive an offer for an advance payment this week. The advance will equal 80% of the ex-gratia payment (step 3 of the Recovery Framework). In the weeks ahead, the remaining FR&R clients will be sent an offer as well.

This specific group of clients will also receive an offer for an additional advance equalling the estimated total compensation (steps 1, 2 and 4 of the Recovery Framework), if a final compensation offer is not made by the end of this year.

In addition to the FR&R clients, SME clients who are in scope and have not received a final compensation offer by the end of 2017 will also be offered an advance equal to 80% of the ex-gratia payment.

Only those clients who are eligible for an advance under the Recovery Framework will be eligible for an advance payment from ABN AMRO. No advance will be paid to clients who have gone bankrupt, are currently involved in legal proceedings with the bank or with whom the relationship with the bank has been terminated. If the client accepts the offer, the amount is either paid out or set off against outstanding debts.

More information

The reassessment process is being conducted with great precision and care, involving multiple steps, assessments and communications. Please go to ABN AMRO’s reassessment website (in Dutch only) for more information and a film explaining the basics of the reassessment process.